Supermarkets and home hardware stores could be forced to sell off stores if they keep prices too high under a “big stick” policy designed to sharpen Peter Dutton’s attack on Labor’s handling of the inflation outbreak., the opposition has spent months working on laws aimed at reducing the market powers of supermarket giants Coles and Woolworths.for supermarkets accused of price gouging, but the Coalition has taken the crackdown a further step by revealing break-up laws.
Long-time Australian Competition and Consumer Commission chair Allan Fels said he and other consumer advocates had been spruiking divestiture laws for decades, marking the Coalition’s announcement as a historic moment and giving credit to the Nationals and Greens for putting it on the political agenda last year.
To quell the anxiety of business groups, shadow treasurer Angus Taylor said a court would need to be satisfied that divesting an asset would increase competition and be in the public interest. The policy is a big win for the Nationals and influential right-wing backbenchers who pushed for the ability to break up supermarket and hardware chains in order to create more competition.
Source: News Formal (newsformal.com)
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